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Saudi Fisheries Co. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 9,130 | 11,598 | -21.279 | 9,539 | -4.287 |
| Gross Profit (Loss) | -2,789 | 300 | - | -25,862 | -89.215 |
| Operational Profit (Loss) | -7,555 | 1,254 | - | -41,309 | -81.711 |
| Net profit (Loss) | -8,957 | 20 | - | -45,211 | -80.188 |
| Total Comprehensive Income | -8,957 | 20 | - | -44,780 | -79.997 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Total Share Holders Equity (After Deducting the Minority Equity) | 135,836 | 235,821 | -42.398 |
| Profit (Loss) per Share | -0.224 | -0.001 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Percentage of the capital (%) | Amount | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | 66 | -264,981 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | Sales for the current period decreased by 21% compared to ‎the same period last year, mainly due to a decline in retail ‎segment revenue caused by the closure of several stores.‎ |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | ‎- The loss increased compared to the same period last year ‎due to higher production costs at the farm during the current ‎quarter.‎ ‎- Another reason for the loss compared to the same period ‎last year is the previous period's inclusion of other income ‎from the expropriation of company buildings by the ‎government in Jeddah, which positively impacted operating ‎profit last period. ‎ |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | Sales in the current period dropped by 4% compared to the ‎previous quarter, primarily due to a slight reduction in the ‎wholesale segment.‎ |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The net loss decreased by 80% compared to the last quarter, ‎as no provisions or impairment losses were recognized, ‎unlike the previous quarter. ‎ |
| Statement of the type of external auditor's report | Conservation |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | ‎1.‎ As of March 31, 2024, the net book value of property, plant, and equipment, capital work in ‎progress, and right-of-use assets (collectively referred to as "assets") were disclosed in the ‎company's interim statement of financial position at SAR 110.09 million, SAR 26.56 million, ‎and SAR 12.07 million, respectively. Due to the significant decrease in cash generated from fish ‎and shrimp farm sales and other commercial operations, and the accumulated losses incurred by ‎the company in the current period and previous years, the company's management conducted an ‎impairment assessment of its assets as of March 31, 2024, by comparing the carrying amounts ‎of the assets with their recoverable amount. As a result of the management's assessment, it ‎concluded that there is no need to create an additional impairment provision for its assets as of ‎March 31, 2024. We have examined and tested the judgments, assumptions, and significant ‎estimates used by the company's management, including determining appropriate valuation ‎methodologies. In our view, some of the significant assumptions and sources of information or ‎inputs used in calculating the recoverable amount were not reasonably supported. If the ‎company's management had used reasonably supported assumptions and information sources, ‎some elements in the accompanying interim financial statements and related disclosures might ‎have been materially affected. The impacts on the interim financial statements have not been ‎determined.‎ ‎2.‎ As stated in note (6) of the interim financial statements, it indicates the company's management's ‎inability to determine the fair value of the fish as of December 31, 2022, due to the lack of ‎appropriate tools for the inventory process. Consequently, it was shown at cost amounting to ‎SAR 12.9 million as of that date, constituting a departure from the financial reporting framework ‎requirements. We were unable to access the relevant financial information related to the change ‎in the fair value of the fish in the interim statement of profit or loss and other comprehensive ‎income for the three-month period ended March 31. Therefore, we were unable to perform the ‎procedures we deemed necessary.‎ Material Uncertainty Related to Going Concern We draw attention to Note (5-2) in the attached interim financial statements, which indicates that the ‎company incurred a net loss of SAR 8.96 million for the period ended March 31, 2024, and the ‎accumulated losses of the company amounted to SAR 265 million as of that date, representing 66% of ‎the company’s capital. Furthermore, as of March 31, 2024, the company’s current liabilities exceeded its ‎total current assets by SAR 50 million. As stated in Note (5-2), these events and conditions indicate the ‎existence of a material uncertainty that may cast significant doubt on the company’s ability to continue ‎as a going concern. Our conclusion is not modified in respect of this matter.‎ |
| Reclassification of Comparison Items | Certain items and disclosures of the comparative year’s ‎financial statements have been reclassified to comply with ‎the current period presentation.‎ |
| Additional Information | Total accumulated losses at the end of the current period ‎amounted to SR 265 million, equivalent to 66% of the ‎capital as of 31 March 2023. The company is confirming its ‎adherence to the procedures and instructions issued by the ‎capital market authority for the listed companies in the ‎Saudi Stock Market whose accumulated losses have ‎reached 50% or more of their capital. ‎ ‎- In reference to the qualified opinion (1) mentioned in the ‎auditor's report on the impairment of non-financial assets ‎of the company as of March 31, 2024, the company would ‎like to highlight the following:‎ In compliance with International Accounting Standards, ‎specifically IAS 36, and based on the valuation results ‎conducted by the certified valuer, it was found that the fair ‎value of the fixed assets exceeds their carrying amount. ‎Therefore, it can be concluded that there is no need to ‎record an impairment loss on the assets during this period ‎according to the latest report received from the certified ‎valuer in this regard.‎ ‎- Regarding Qualified Opinion (2) mentioned in the report ‎attached to the financial statements concerning biological ‎assets, the company has evaluated the biological assets ‎‎(fish) starting from the third quarter of 2023 in accordance ‎with accounting standards, and this evaluation was ‎approved and accepted as of December 31, 2023, which is ‎currently in effect.‎ |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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